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Globally, we have a 3 trillion dollar annual investment gap in climate-friendly and climate-resilient infrastructure for energy storage, transport, and buildings. There is no shortage of resources. Yet, to shift trillions to climate and green infrastructure, we need a pipeline of “bankable”, sustainable infrastructure projects as well as innovative financing instruments and investment vehicles.

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Globally, we have a 3 trillion dollar annual investment gap in climate-friendly and climate-resilient infrastructure for energy storage, transport, and buildings. There is no shortage of resources. Yet, to shift trillions to climate and green infrastructure, we need a pipeline of “bankable”, sustainable infrastructure projects as well as innovative financing instruments and investment vehicles.

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Some people say it is already too late, they think that power is deeply entrenched, that fossil fuel owners will not bend their game and our economic system will never change. I yearn to prove them wrong.

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It is my pleasure to be back in Riga to present to you the 2019 Economic Survey and the first OECD Environment Performance Review (EPR) of Latvia. Together, these two reports chart a path towards a more dynamic, inclusive and environmentally sustainable future in Latvia.

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Climate change is one of the greatest threats facing humanity. The number of countries alarmed by the seriousness of this phenomenon is increasing every day. More than 180 nations ratified the Paris Agreement. They recognised the need for immediate action. However, efforts to achieve global climate goals remain insufficient.

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We are at the eve of a decisive decade for the Planet. This year gives our countries the opportunity to gain a head start on the adoption of transformational policies in anticipation of a reinvigorated Environment Agenda in 2020. In many global environmental domains, we will see new goals and targets up for adoption by international regimes.

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The iconic ocean explorer Jacques Cousteau once said “For most of history, man has had to fight nature to survive; in this century he is beginning to realise that, in order to survive, he must protect it.”

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The landmark report by the UN Intergovernmental Panel on Climate Change paints a grim picture of our future if climate change continues to intensify. This year’s extreme weather events – record breaking heatwaves, wildfires, heavy rains, major tropical storms, diminishing Arctic sea ice – could soon become our daily reality. With only 12 years left to contain global warming to 1.5 degrees, we need to take bold and decisive action.